Company Website: http://www.powerstaylor.com
DALLAS -- (Business Wire)

Former United States Securities and Exchange Commission attorney Willie Briscoe and the securities litigation firm of Powers Taylor, LLP are investigating the sale of Citizens South Banking Corporation (“Citizens South” or “CSBC”) (NASDAQ: CSBC) to Park Sterling Corporation for shareholders. Under the proposed acquisition agreement, Citizens South shareholders will receive either $7.00 in cash or 1.4799 Park Sterling shares for each Citizens South share they hold, subject to the limitation that the total consideration will consist of 30% in cash and 70% in Park Sterling shares.

If you are an affected investor, and you want to learn more about the lawsuit or join the action, contact Patrick Powers at Powers Taylor, LLP, toll free (877) 728-9607, via e-mail at patrick@powerstaylor.com, or Willie Briscoe at The Briscoe Law Firm, PLLC, (214) 706-9314, or via email at WBriscoe@TheBriscoeLawFirm.com. There is no cost or fee to you.

The transaction is valued at approximately $77.8 million.

The investigation centers on whether Citizens South shareholders are receiving adequate compensation for their shares in the buyout, whether the transaction undervalues Citizens South stock, and whether Citizens South’s board attempted to obtain the highest share price for all shareholders prior to agreeing to the deal. Specifically, based on the nature of the transaction, and because of the limitations on cash and stock exchanged in the acquisition, the value to CSBC shareholders is uncertain. Moreover, in the past two years, Park Sterling shares have steadily declined in value. According to shareholder rights attorney Willie Briscoe, “We are concerned both that the value paid to CSBC is uncertain and that shareholders may not be receiving a fair price for their Citizens South shares. Our goal is to continue to investigate this merger and take all necessary steps to ensure that the shareholders are protected.”

The Briscoe Law Firm, PLLC is a full service business litigation and shareholder rights advocacy firm with more than 20 years of experience in complex litigation and transactional matters.

Powers Taylor, LLP is a boutique litigation law firm that handles a variety of complex business litigation matters, including claims of investor and stockholder fraud, shareholder oppression, shareholder derivative suits, and security class actions.

Contacts:

Powers Taylor, LLP
Patrick Powers, 877-728-9607
patrick@powerstaylor.com
or
The Briscoe Law Firm, PLLC
Willie Briscoe, 214-706-9314
WBriscoe@TheBriscoeLawFirm.com

Source: Powers Taylor, LLP